Gold down but well up from daily low as USDX fades

- Gold prices are lower near midday Wednesday but have posted a significant rebound from the early-session low. Silver prices are modestly up after also seeing solid losses in early dealings. The U.S. dollar index has lost most of its earlier good daily gains, which has given the metals market bulls some confidence to step in to buy today’s price dips. However, rising U.S. Treasury and European bond yields, as well as lower crude oil prices, are keeping the precious metals depressed today.

Global stock markets were mixed to weaker overnight. U.S. stock indexes are weaker as midday approaches. The key outside markets today see the U.S. dollar index slightly higher. Nymex crude oil prices are lower and trading around $79.75 a barrel. The benchmark 10-year U.S. Treasury note yield is presently fetching 3.627%.

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